What is Kendra Scott's net worth? Here's how she turned $500 into a million-dollar fashion brand
The cast of ABC’s ‘Shark Tank’ brings a different group of investors, business experts, and self-made millionaires in several episodes. There is a group of six sharks – Mark Cuban, Robert Herjavec, Barabra Corcoran, Lori Greiner, Daymond John and Kevin O’Leary, but viewers get to see guest sharks making surprise appearances. In ‘Shark Tank’ Season 12 Episode 14, viewers will see fashion entrepreneur Kendra Scott as one of the guest sharks.
The businesswoman took to her official Twitter handle to share the news. "Join us tonight at 8/7c as Kendra live tweets her second episode of @ABCSharkTank ! We can’t wait! #SharkTank," she wrote.
Join us tonight at 8/7c as Kendra live tweets her second episode of @ABCSharkTank! :shark: We can’t wait! #SharkTank pic.twitter.com/iB8Xh87GdZ
— kendrascott (@KendraScott) February 19, 2021
In the upcoming episode of ‘Shark Tank’ Season 12, there will be five sharks Cuban, O’Leary, Greiner, BCorcoran and Scott. The episode will have some fantastic products like Pashion Footwear – a comfortable high heel brand for women, Souper Cubes – a new way to store foods; Byoot Company – a bathing suit brand for women and Sienna Sauce – a barbecue sauce that can be used in several food recipes.
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Who is Kendra Scott?
Scott, 46, is a self-made fashion designer who is the Executive Chairwoman, lead designer and former CEO of Kendra Scott LLC.
Scott was born in Kenosha, Wisconsin, but moved to Houston, Texas, with her family at 16. After her stepfather’s death from brain cancer, she opened her first business, The Hat Box, at 19. Her first business venture was a company that sold various hat pieces to men and women going through chemotherapy sessions. She donated a huge chunk of her earnings to cancer research.
Scott started her now multi-million dollar company, Kendra Scott LLC, in Austin with just $500 in her pocket. She started selling her designs to the local stores in Austin, and from the earnings, she took care of her oldest son, Cade, and bought materials to cover the orders she had previously made. In 2005, her designs were chosen to accessorize Oscar de la Renta’s Spring 2006 Runway Show, and there was no turning back for Scott after that.
Scott opened her first retail store in Austin in 2010. The very same year, she started selling jewelry online and launched the brand’s Color Bar experience. Following the success of her store in Austin, Scott opened another store in Rodeo Drive in Beverly Hills, however, she had to close it down after a while.
Unlike other designers, who primarily focused on selling their items in New York or Los Angeles, Scott opted to open her stores in the South and Midwest.
Kendra Scott’s net worth
In 2016, Scott received an investment from private equity firm Berkshire Partners. She did not divulge the size of the investment but said the deal valued her company at $1 billion. In February 2021, she stepped down from her role as CEO but stated that she would continue her role as Executive Chairwoman. The company stated that Tom Nolan would be the new CEO.
“During this extraordinary time of retail transformation, there has been no better person to partner with me on building the brand and the business," Scott said in a written statement. "Tom is an experienced executive with a relentless focus on the customer, operational rigor and strong expertise in digital transformation. With Tom at my side as CEO, I can continue to focus on what I have always seen as the core of the brand — great design, strong philanthropic impact and a continued commitment to our customer.”
According to Forbes, Scott has an annual revenue of about $360 million, which makes her estimated net worth to be around $510 million. As of 2021, she ranked No. 47 on the Forbes 2020 list of America’s self-made women by net worth.
Catch the latest episode of ‘Shark Tank’ featuring Kendra Scott on February 19, 2021, from 8 pm ET to 9 pm ET on ABC.